Darktrace, the UK-based cybersecurity technology provider backed by SB Isat – the joint venture between telecommunications firms SoftBank and IndoSat – yesterday confirmed its intention to float on the London Stock Exchange.
Founded in 2013, Darktrace provides artificial intelligence-equipped software that autonomously responds to cyber threats. It increased revenue 39% year on year to almost $127m for the last six months of 2020, though its net loss rose from $22.8m to $48.4m in the same period.
The company had raised a total of $393m as of July 2020 when it received $163m in convertible note financing from investors including KKR, Summit Partners, Talis Capital, TenEleven Ventures, Hoxton Ventures and Balderton Capital, according to the IPO filing.
The 2020 round came after a $50m series E in 2018 led by private equity firm Vitruvian Partners and backed by KKR and TenEleven Ventures at a $1.65bn valuation.
Darktrace had secured $75m in a series D round the previous year. It was led Insight Partners and included TenEleven Ventures, KKR and Summit Partners, valuing the company at $825m.
SB Isat took part in a $65m round for the company in 2016 that was led by KKR and which also featured TenEleven Ventures and Summit Partners.
The 2016 funding was raised at a reported valuation exceeding $400m and Darktrace’s earlier backers include Talis Capital, Hoxton Ventures and Invoke Capital, the last of which exited the company in July 2020.
Summit Partners holds 22% of Darktrace’s shares while KKR owns 11.9% and a vehicle dubbed Deep Defence has a 5.3% stake. A Sky News report in November 2020 suggested it would seek a valuation of about $5bn in the IPO.
Jeffries, Berenberg and KKR Capital Markets are the joint global coordinators of the offering as well as, like Needham & Company and Piper Sandler, joint bookrunners.
